And when it comes to each awards, the favourites have been set by the bookies, while film critics have pitch their tips for each gong.
However, how do the feelings of the audience compare to those handing out the award? Would the Best Picture winner be the same if it were decided by fans?
In light of this and as anticipation for the 94th Academy Awards rises, we decided to look at who would win each award if it was down to fans film with the help of Top10Casinos.com, as by analysing audience data from review aggregate sites IMDb and Rotten Tomatoes.
1. Best Picture
The Power Of The Dog is still narrowly the bookies favourite for Best Picture, although after picking up two gongs at the Baftas recently, Coda could sneak the award. However, the fans choice would be Coda, which has an average score of 8.65 out of 10.
Photo: Joe Maher
2. Best Actor In A Leading Role
Will Smith is the clear favourite for his role in King Richard - and the fans would agree with this choice, with the film grabbing an average rating of 8.65.
Photo: Jeff Spicer
3. Best Actress In A Leading Role
Jessica Chastain has nudged ahead of Nicole Kidman in the past few weeks as favourite for her role in The Eyes Of Tammy Faye, and it's another award the fans would agree with, thanks to the films 7.7 average rating - higher than any other nominee.
Photo: Dimitrios Kambouris
4. Best Director
Jane Campion is a strong favourite for Best Director for 'The Power Of The Dog'. However, if it were down to the fans, Steven Spielberg would be adding another Oscar to his collection, with his film 'West Side Story' hitting an average of 8.5 out of 10.
Photo: Randy Shropshire